Corn, soybean prices end higher

The July corn futures closed 14 1/4 cents higher at $5.97 1/2, while the Dec. contract closed 9 cents higher at $5.14 1/2. The July soybean contract settled 26 cents higher $14.13, while the Nov. 2012 contract settled 10 1/4 cents higher at $13.05. The July wheat futures ended 10 1/4 cents higher at $6.08 1/2. The July soymeal futures are trading $8.10 per short ton higher at $411.60 and July soyoil futures trade down $0.08 at $51.22. In the outside markets, the NYMEX crude oil is $1.51 per barrel lower, the dollar is higher and the Dow Jones Industrials are up 63 points.

Alan Brugler, Brugler Marketing & Management LLC president, say the market is experiencing a number of bullish factors today. "The market is being underpinned by Turnaround Tuesday buying, a bounce from retracement support in the beans, projected net drying of soils for entire Corn Belt over next week, above normal temps in the 8-14 day forecast and risk of that continuing into June," Brugler says.

Reduced winter wheat crop ratings due to drought in Southwest KS is likely to be aggravated per drier weather ahead, he says.

"Meanwhile, July corn futures are trying to close expiration gap with May."